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Brent Prockish Team at Community Mortgage
Phone: (913) 827-9533
Fax: (913) 273-1487
What's Happening With Housing
Housing influences every other economic sector, not just because jobs are created to get houses built, but also because consumers spend lots of money–lots of other places–when they buy a new home. Add to this the tremendous transfer of wealth and additional taxation that occurs when homes are selling, and you've got the makings of a robust economy.
Here's a glance at how the housing sector is doing now...and how it's affecting the outlook for our economic recovery today.
New Construction and Housing Starts Improve
New and Existing Home Sales on the Rise
"Shadow Inventory" Declining
Good news came in September when RealtyTrac, a leading real estate website specializing in foreclosure analysis, revealed a 7% decrease in foreclosure filings (which include default notices, scheduled auctions, and bank repossessions), down from August. They also reported filings were 16% lower than September 2011 and the lowest level since 2007. And that's not all. CoreLogic, a leading provider of financial, consumer and property information, reported about 1.3 million homes (3.2% of all homes with a mortgage) were in the national foreclosure inventory as of August 2012, compared to 1.4 million in August 2011. They also found 32 of the 50 states have seen their percentage of foreclosure inventory decrease compared to last year.
Some states are headed in the opposite direction. At the top of list with the highest foreclosure inventory are Florida (11%), New Jersey (6.5%), New York (5.2%) and Illinois (4.8%).
The Bottom... and the Bottom Line
The bottom line is that home loan rates remain near historic lows, making now a great time to purchase or refinance a home. If you have any questions about your personal situation, or if you're wondering how you can take advantage of today's market, contact the person who supplied you with this month's issue of YOU Magazine.
Community Mortgage, LLC NMLS #224143 3401 College Blvd., Suite 220, Leawood, KS, 66211 (KS Office) 19045 E Valley View Parkway, Suite F, Independence, MO, 64055 (MO Office)
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|Brent Prockish Team at Community Mortgage
3401 College Blvd.
Leawood, KS 66211
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